Caterpillar Insurance Services Corporation, a subsidiary of Caterpillar Inc., will implement enterprise software from Insurity as part of its initiative to modernize its data and core processing platforms, according to Insurity, a provider of core insurance processing and data solutions. The implementation will include Isurity’s Insurance Decisions Suite and Insurance Enterprise View software.
Caterpillar’s insurance services subsidiary offers extended protection and risk management products and services designed to help Caterpillar, its dealers, their customers and original equipment manufacturers manage business risk. It offers extended service coverage for engines, Cat Equipment Protection Plans for machines, physical damage insurance, inventory protection plans, dealer property and casualty insurance, risk management, and dealer bonds.
Insurity’s Insurance Decisions Suite includes Policy Decisions, Claims Decisions, and Billing Decisions software as well as tools to enable the integration and exchange of data from multiple sources—current systems, global dealers and multiple TPAs—across the enterprise. The Insurance Enterprise View provides a unified view into the Insurity software and data from the multiple systems.
Insurity’s built-in functionality enables an expedited implementation to support lines of property and casualty business across global operations, according to Insurity. In addition, the software’s configuration capability and out-of-the box operation makes it easier to support specific requirements of customers’ insurance business models and products, Insurity said.
“We are thrilled to have been selected by such a prestigious organization and household name as Caterpillar,” said Lani Cathey, Insurity senior VP. “Caterpillar Insurance Services Corporation’s holistic approach to modernization, tackling both the core insurance applications as well as the data components, perfectly aligns with Insurity’s view of what is required to solve today’s challenges while preparing for tomorrow.”
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